40,000 annually which is applicable in AY 2024-25. In the interim budget 2019, this TDS deduction limit on FD has been increased to Rs.
The TDS on fixed deposit is 10% if the interest amount for the entire financial year exceeds Rs.
10 lakh per annum, you will be in the 30% tax slab. For example, if you have a total income of Rs.
FD Interest is taxable at your slab rate or there is TDS on FD interest along with applicable surcharge/cess.